News

Nigeria’s Gross Domestic Product (GDP) grew by 0.11%(year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.In the fourth quarter of 2020, an average daily oil production of 1.56 million barrels per day (mbpd) was recorded. This was lower than the daily average production of 2.00mbpd recorded in the same quarter of 2019 by -0.44mbpd and the third quarter of 2020 by –0.11mbpd. The non-oil sector grew by 1.69% in real terms in Q4 2020, slower than the 2.26% recorded in the corresponding quarter of 2019, but better than the –2.51% growth rate recorded in the preceding quarter. For the full year of 2020 however, the non-oil sector grew –1.25% compared to 2.06% in 2019. Growth in the sector was driven by Information and Communication (Telecommunications & Broadcasting). Other driver were Agriculture (Crop Production), Real Estate, Manufacturing (Food, Beverage & Tobacco), Mining and Quarrying (Quarrying and other Minerals), and Construction, accounting for positive GDP.
Please find here the GDP Q4 2020 report.

Dear Client/Reader,

The National Bureau of Statistics just reported that the consumer price index, (CPI) which measures inflation increased to 16.47% (year-on-year) in January 2021. This is 72 basis points higher than the rate recorded in December 2020 (15.75%).

The percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62%, representing a 0.37 percentage point increase over 13.25% recorded in December 2020.

Food Index Rose to 20.57%

Food index rose to 20.57% in January 2021. The average annual rate of change of the Food sub-index for the twelve-month period ending January 2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points from the average annual rate of change recorded in December 2020 (16.17%). This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats. On month-on-month basis, the food sub-index decreased to 1.83% in January 2021, down by 0.22 percent points from 2.05% recorded in December 2020.

Core Index stood at 11.85%

Price movements recorded by the Core index stood at 11.85% (year -on-year) in January 2021, up by 48 basis points as against 11.37% recorded in December 2020. The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Passenger transport by road, Pharmaceutical products, Paramedical services, Repair of furniture, Vehicle spare parts, Motor cars, Miscellaneous services relating to the dwelling, Maintenance and repair of personal transport equipment.

Urban Index increased to 17.03%

The Urban index increased to 17.03% (year-on-year) in January 2021 compared to 16.33% recorded in December 2020, while the Rural index increased to 15.92% (year -on-year) in January 2021 as against 15.20% in December 2020. On a month-on-month basis, the urban index dropped to 1.52% in January 2021, down by 0.13 percent compared to the rate recorded in December 2020, while the rural index also dropped to 1.46%in January 2021, down by 0.12 percent below the rate that was recorded in December 2020 (1.58%).

Regards.